Fairclough v Swan Brewery Co Ltd
| Fairclough v Swan Brewery Co Ltd | |
|---|---|
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| Court | Privy Council |
| Citation(s) | [1912] UKPC 1. [1912] AC 465 |
| Case history | |
| Prior action(s) | Supreme Court of Western Australia |
| Keywords | |
| Mortgage | |
Fairclough v Swan Brewery Co Ltd [1912] UKPC 1 is an land law case, concerning mortgages.
Facts
A had a lease of a hotel, due to expire in June 1925. In return for a loan from C, A transferred his Lease to C by way of security for A’s duty to repay the loan. Under the mortgage deal, the last repayment is due in May 1925. In 1910, A was in a position to repay the debt plus the agreed interest. C insisted it had an additional right: A could not repay the debt until May 1925.
Judgment
Lord Macnaghten held that A was able to pay off the debt early. If the additional right were enforceable, the prospect of A regaining his right would, in effect, be removed. The prospect of regaining the lease for a month was not reasonable.
See also
Notes
References
External links
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